23 Jun 2014
EUR suffers on PMI’s - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted the PMI disappointments in the EZ.
Key Quotes
"The disappointing euro area flash PMI cut short the single currency's attempt to establish a foothold back above $1.36. The pullback has not been deep, with the euro holding above the pre-weekend low seen near $1.3565."
"Both France and Germany disappointed expectations, but the French report was particularly miserable as its flash manufacturing PMI fell to 47.8 from 49.6 (consensus was 49.5) and the services fell to 48.2 from 49.1 (consensus was 49.4). This puts the composite at 48.0, the lowest since February and the third consecutive monthly decline."
Key Quotes
"The disappointing euro area flash PMI cut short the single currency's attempt to establish a foothold back above $1.36. The pullback has not been deep, with the euro holding above the pre-weekend low seen near $1.3565."
"Both France and Germany disappointed expectations, but the French report was particularly miserable as its flash manufacturing PMI fell to 47.8 from 49.6 (consensus was 49.5) and the services fell to 48.2 from 49.1 (consensus was 49.4). This puts the composite at 48.0, the lowest since February and the third consecutive monthly decline."